Press release
Key Strategic Trends and Emerging Changes Shaping the Personal Watercraft Market Landscape
Personal Watercraft Market
Projected Market Size and Growth Outlook for the Personal Watercraft Market
The personal watercraft market is expected to reach a valuation of $3.62 billion by 2030, growing at a compound annual growth rate (CAGR) of 7.2%. This expansion is largely fueled by the rising popularity of luxury marine tourism, growing demand for electric personal watercraft, the development of additional water sports facilities, innovations in lightweight hull materials, and increased participation in recreational boating activities. Important trends shaping the market include the growing appetite for recreational watercraft, the surge in high-performance jet skis, the introduction of luxury personal watercraft models, the adoption of environmentally friendly engines, and greater customization options for watercraft designs.
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Leading Companies Driving the Personal Watercraft Market
Several prominent companies are key players in the personal watercraft market, including Yamaha Motor Co. Ltd., BRP Inc., Sea-Doo, Kawasaki Motors Corp., BELASSI GmbH, Rickter-RRP Performance Inc., Krash Industries Jet Ski Group, Zapata Racing, Jiujiang Poseidon Motorboat Manufacturing Co. Ltd., Hubei Sanjiang Boats Science & Technology Co. Ltd., Taizhou Green-Water Sports Equipment Co. Ltd., Taizhou Senlong Sports Products Co. Ltd., Taizhou Jetway Industry & Trade Co. Ltd., Taizhou Rongshun Marine Machinery Co. Ltd., Shandong Joysailing Leisure Boat Co. Ltd., Guangzhou Hongfu Sports Equipment Co. Ltd., Taizhou Seano Sports Equipment Co. Ltd., Taizhou Bluewave Sports Products Co. Ltd., Taizhou Greenbay Sports Equipment Co. Ltd., and Taizhou Hison Industry Co. Ltd.
Significant Market Acquisition Expanding Industry Presence
In February 2024, Amwins Group Inc., a US-based company, acquired BRP Group Inc. for $59 million. This strategic acquisition is intended to broaden Amwins' portfolio by leveraging BRP's expertise in manufacturing personal watercraft (PWC). BRP Group Inc., also based in the US, is recognized for its production of personal watercraft, making it a valuable addition to Amwins' offerings.
View the full personal watercraft market report:
https://www.thebusinessresearchcompany.com/report/personal-watercraft-global-market-report
Electric Watercraft Emerges as a Key Trend in Market Development
Market leaders in the personal watercraft sector are focusing more on electric-powered watercraft to establish a competitive advantage. Electric watercraft, which includes boats, jet skis, and personal watercraft propelled by electric motors and batteries, are gaining traction among consumers. For example, in January 2023, Brunswick Corporation, a US-based boat manufacturer, launched Veer, a new brand of electric boats designed especially for first-time boaters. Veer represents the 18th brand in Brunswick Boat Group's portfolio, featuring a robust polyethylene hull and electric propulsion powered by Mercury, highlighting the industry's commitment to sustainable innovation.
Detailed Market Segmentation of the Personal Watercraft Industry
This report divides the personal watercraft market into various segments for comprehensive analysis:
1) By Watercraft Type: Recreational Watercraft, Muscle Watercraft, Luxury Watercraft, Performance Watercraft, Sports Watercraft
2) By Seat Capacity Type: One Seat, Two Seat, Three Seat, Standing
3) By Hull Type: Composites, Plastic
4) By Engine Displacement: Below 800 CC, 800-1000 CC, 1000-1500 CC, Above 1500 CC
Further subsegments provide more granularity:
- Recreational Watercraft include standard jet skis, sit-down models, and stand-up models
- Muscle Watercraft cover high-powered jet skis and supercharged models
- Luxury Watercraft feature premium jet skis and customizable models
- Performance Watercraft consist of racing models and high-performance cruisers
- Sports Watercraft comprise wakeboarding, fishing, and touring models
This detailed classification helps stakeholders understand the various options and niches within the personal watercraft market.
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